Daijiworld Media Network - London

London, Jul 9: Former UK Prime Minister Rishi Sunak has officially returned to the banking sector, taking up a senior advisory role at Goldman Sachs, the global investment banking giant where he once worked before entering politics. Sunak will donate his earnings from the role to The Richmond Project, an educational charity he recently launched with his wife Akshata Murty, focused on enhancing numeracy and mathematics skills among young people in England.

The appointment was confirmed on Tuesday, following the mandatory 12-month cooling-off period after Sunak's departure from public office. He stepped down after the Conservative Party’s defeat in the UK general elections on July 4 last year.

The UK Advisory Committee on Business Appointments (ACOBA), which vets roles taken by former ministers, gave its conditional approval. Given Sunak’s access to privileged information during his tenure as Prime Minister and Chancellor, the committee imposed strict guidelines to avoid any potential conflict of interest or undue influence on government matters.

ACOBA’s published advice stated that while Sunak and Goldman Sachs have both confirmed the new position will not involve lobbying the UK government, the perception of unfair access or influence remains a reasonable concern, especially given Goldman Sachs’s deep interests in UK policy.

To mitigate risks, the committee has specified that:

• Sunak must not use any privileged government information from his time in office.
• For the next two years, he may only advise Goldman Sachs on strategy, macroeconomic, and geopolitical issues, with no overlap with his former responsibilities as PM.
• He cannot initiate any form of engagement with the UK government in this role.

The committee clarified that their approval was not an endorsement but a precaution to protect the integrity of the government.

Sunak continues to serve as a backbench MP for Richmond and Northallerton. His return to the private sector—paired with his charitable initiative—has sparked renewed interest in his post-political career, especially in how he balances corporate and philanthropic efforts.

Goldman Sachs welcomed his appointment in a statement, describing him as a valuable addition to their global strategic advisory team.